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U.K. Household Insurance Market 2016 Primarily Driven by Direct Channel Purchase

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Published on : Jan 03, 2017

ALBANY, NY, Jan 03, 2017: For the year 2016, the U.K. household insurance market report credits Aviva as the premier provider of insurance policies, keeping in view all the three products, namely contents, combined, and buildings. Cross-selling is a crucial advantage gained by mortgage providers due to the rising growth of the banking channel, as per the analysts. This growth is anticipated to be an outcome of the recent development in the U.K. housing market. With a widened scope to cross-sell home insurance products, mortgage providers may secure more success in the future.

In the same year, direct channel emerged as a popular means of purchasing home insurance in the U.K; approximately 37.2% of combined insurance buyers looked for an insurer to make a direct purchase. The report attributes direct channel for taking grip of the U.K. household insurance market spanning across contents, combined, and buildings insurance products. Moreover, direct channel is researched to be a choice medium of home insurance buyers to make a purchase.

Household insurance customers are observed to browse price comparison sites as one of the initial activities of a pre-purchase. Customers are more likely to compare the policies, standards, and prices of different home insurance companies before finalizing one. This is particularly common amongst combined insurance purchasers, summarizes the U.K. household insurance distribution and marketing report. In this regard, combined insurance customers are surveyed to have compromised with the loyalty towards their insurance providers. Price comparison has influenced customers to make purchases with an amplified price sensitivity.

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During the final renewal, around 70.2% of buyers of combined household insurance products are noticed to shop around and also make a switch, compared to contents and buildings insurance customers.

In the context of customer behavior and preference, the precisely arranged report elaborates on the change in purchase pattern, taking into account all the three critical insurance products. Interested parties are provided with a broad understanding of how the U.K. household insurance market for 2016 will be impacted by the purchasing decisions of customers over the course of a few years’ time.

The analysts have also discussed the important factors that will affect the U.K. market for household insurance by bringing to light some of the novel trends and innovations in the industry. Alongside the prominent insurance providers operating in the market, the report unveils the most influential aspects influencing the decision of an insurance policy purchase.

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